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How B2B Purchasing Decisions have Changed
Larry Reeves
CEO
@AA_ISP
Your Host
Today’s Topic
Curtis Bendt
VP of Customer Success
@GetMarketJoy
Please Welcome
Lets start from the beginning
What is a Buying Persona?
• State of mind of a Buyer
• Responsibility of a Buyer
You may find…
The State of Mind and Responsibility
Personas want the same things
AWARENESS
They need to know the product is
out there
According to Google, 71% of buying decisions begin with a generic query
Here you find unaware social buyers
EDUCATION
They need to know what the
product does for them
They now know they need it!
What problems does it solve?
VALIDATION
They want to know who does it best
Here are what most sales agents ask for!
It becomes a battle of features and costs
BUY!
They want to know they made the
best choice
Ongoing validation of product value helps retention
B2B Purchasing Decision Process
Realize
problem/need
Perform
Research
Educational
Establish
buying criteria
Validation
Evaluate
vendors
Sales Purchase
B2B Purchasing Funnel
Awareness
Education
Validation
Buy
Types of Personas
Unaware/Social
Buyers
Social/Online
Buyers
Sales Leads
Customers
So….
What’s new?
81%
81%
80%
75%
67%
63%
59%
41%
34%
32%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Features/functionality
Solved a pain point
Deployment time/ease of use
Pricing
Peer reviews
Demonstrated experience with/knowledge of our
industry
Sales team demonstrated knowledge of our
company and insights into our problems
Case studies/testimonials
Analyst rankings
Connections to executives in your company
IMPORTANT VARIABLES FOR PURCHASE PROCESS
Types of Buyers Based on Decision Making
Online Buyers
• Aggressively do online
research before buying
• Want to know what
makes you the best
• Concerned with why
your product is the
right fit for them
Unaware Buyers
• Don’t know their pain
points or if there is any
solution outside
Social Buyers
• Love to socialize
• Strongly believe in
word-of-mouth
• Concerned to know
exactly how your
product solves their
problem
Lead Generation Channels for Online Buyers
• SEO (Search Engine Optimization)
• PPC (Pay Per Click)
• Social Media Ads (Facebook, LinkedIn, Twitter)
• Answering on Q&A websites (Quora, Reddit and other relevant community websites)
Lead Generation Channels for Social Buyers
• Events
• Webinars
• Podcast
• Educational Videos
Lead Generation Channels for Unaware Buyers
• Email Marketing
• Strategic calling
• Content Marketing
• Referral Marketing
OWN THE WHY
Two Key Points
You have to give customers the reason WHY they need your product
Customers are looking for the Ownership Experience in EVERY buying stage
AWARENESS 2.0
Create the Need
Tap into Online Buyers
66% of B2B prospects rank industry-specific content as very important- DemandGen
Leverage online publishers that cater to your industry
Operate SEO, PPC and Social Marketing campaigns to increase content distribution
Market in alternate verticals that lead into your product
AWARENESS 2.0
GIVE THE WHY
This persona is going to need to know why they need your product so keep this in
mind on all content and marketing
Identify on the SOLUTION of the pain vs the pain when approaching this persona
This persona likely doesn’t even know they HAVE a pain
AWARENESS 2.0
OWNERSHIP
This persona does not want to be ‘sold’ to as they don’t understand they need the
product/service
You have to let THEM discover their need
Educational Seminars
Webinars
Whitepaper / Online publications
Trade Shows and Events
EDUCATION 2.0
Feed the Need
Tap into Online Researchers
67% of buyers utilize peer reviews
Leverage online publishers that cater to your industry
Operate SEO, PPC and Social Marketing campaigns to increase content distribution
Market in alternate verticals that lead into your product
It sounds familiar but….
EDUCATION 2.0
GIVE THE WHY
This persona is going to want to know WHAT it does for them and WHY the need it
Here you want to bring the PAIN into the SOLUTION
Let them know how easier life can be with your product/service
Content focus should be on life without the solution
EDUCATION 2.0
OWNERSHIP
This persona is going to want to find YOU.
You have to let THEM find YOU
SEO / PPC Marketing
Email Campaigns
Phone Campaigns
Trade Shows and Events
VALIDATION 2.0
Remove the Need
This persona is looking for who to buy from
Focus marketing on differentiators
Pay attention to what customers like and listen to
Highlight your features AS features along with their benefit
Competitor comparisons
Nothing sells like human interaction
Leverage email, phone and social lead generation to schedule demos
Video testimonials go a long way
VALIDATION 2.0
GIVE THE WHY
This persona is going to want to know why they should choose you
Challenge your customer
Customers want to be educated and shown a new approach to what they know
Engage in conversation
Pay attention to what pains sell your product and focus marketing on these
81% of Buyers buy directly due to a pain point being addressed
Train your sales team on how to probe for customer needs
Cater your product to fit each customers specific pains
VALIDATION 2.0
OWNERSHIP
This persona is going to want to be involved in the decision making process
Understand that an average of 6.8 people are involved in a decision
Understand what your clients needs to sell to their peers
76% prioritize vendors suggested by their peers- LinkedIn
Publish Case Studies and provide customer quotes
41% of Buyers use case studies/testimonials when making decisions
Implement a referral process
Who gives the client the most control in their buying decision?
Custom options/Industry specific features all help
BUY 2.0
If only it ended here!
This persona is always going to want to be reminded of value
Launch new products and educate customers on their value
Monitor product usage and create customer retention teams that ensure your
customers are trained and USING your product
81% of Buyers buy (and stay) due to product features/functionality
BUY 2.0
GIVE THE WHY
This persona is going to want to know WHY they should keep you
Enhance differentiators through newsletters and email campaigns
Monitor client support issues to identify product/service enhancements
Identify trends in attrition (competitors, lifespan, where value depreciated)
Get ahead of the curve- address concerns before they become concerns
BUY 2.0
OWNERSHIP
Make sure your customers have ownership of their experience
Ease of product use
Ability to customize/cater
Product enhancements that address customer needs
Give them use case studies to demonstrate new product uses or service benefits
B2B Purchasing Funnel Types of Personas
I FOUND IT!
What does it do
for me?
Who gives me
the value?
Why should I
keep it?
Larry Reeves
CEO
AA-ISP
aa-isp.org
info@aa-isp.org
@AA_ISP
Curtis Bendt
VP of Customer Success
MarketJoy
marketjoy.com
curtis@marketjoy.com
@GetMarketJoy
Q&A
THANK YOU!
A replay of today’s session will be available in our
Knowledge Center at aa-isp.org

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How B2B Purchasing Decisions Have Changed - Webinar

  • 1. Webinar will begin in a few moments…
  • 2. How B2B Purchasing Decisions have Changed
  • 4.
  • 6. Curtis Bendt VP of Customer Success @GetMarketJoy Please Welcome
  • 7. Lets start from the beginning What is a Buying Persona? • State of mind of a Buyer • Responsibility of a Buyer
  • 8. You may find… The State of Mind and Responsibility Personas want the same things
  • 9. AWARENESS They need to know the product is out there According to Google, 71% of buying decisions begin with a generic query Here you find unaware social buyers
  • 10. EDUCATION They need to know what the product does for them They now know they need it! What problems does it solve?
  • 11. VALIDATION They want to know who does it best Here are what most sales agents ask for! It becomes a battle of features and costs
  • 12. BUY! They want to know they made the best choice Ongoing validation of product value helps retention
  • 13. B2B Purchasing Decision Process Realize problem/need Perform Research Educational Establish buying criteria Validation Evaluate vendors Sales Purchase
  • 14. B2B Purchasing Funnel Awareness Education Validation Buy Types of Personas Unaware/Social Buyers Social/Online Buyers Sales Leads Customers
  • 16. 81% 81% 80% 75% 67% 63% 59% 41% 34% 32% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Features/functionality Solved a pain point Deployment time/ease of use Pricing Peer reviews Demonstrated experience with/knowledge of our industry Sales team demonstrated knowledge of our company and insights into our problems Case studies/testimonials Analyst rankings Connections to executives in your company IMPORTANT VARIABLES FOR PURCHASE PROCESS
  • 17. Types of Buyers Based on Decision Making Online Buyers • Aggressively do online research before buying • Want to know what makes you the best • Concerned with why your product is the right fit for them Unaware Buyers • Don’t know their pain points or if there is any solution outside Social Buyers • Love to socialize • Strongly believe in word-of-mouth • Concerned to know exactly how your product solves their problem
  • 18. Lead Generation Channels for Online Buyers • SEO (Search Engine Optimization) • PPC (Pay Per Click) • Social Media Ads (Facebook, LinkedIn, Twitter) • Answering on Q&A websites (Quora, Reddit and other relevant community websites)
  • 19. Lead Generation Channels for Social Buyers • Events • Webinars • Podcast • Educational Videos
  • 20. Lead Generation Channels for Unaware Buyers • Email Marketing • Strategic calling • Content Marketing • Referral Marketing
  • 21. OWN THE WHY Two Key Points You have to give customers the reason WHY they need your product Customers are looking for the Ownership Experience in EVERY buying stage
  • 22. AWARENESS 2.0 Create the Need Tap into Online Buyers 66% of B2B prospects rank industry-specific content as very important- DemandGen Leverage online publishers that cater to your industry Operate SEO, PPC and Social Marketing campaigns to increase content distribution Market in alternate verticals that lead into your product
  • 23. AWARENESS 2.0 GIVE THE WHY This persona is going to need to know why they need your product so keep this in mind on all content and marketing Identify on the SOLUTION of the pain vs the pain when approaching this persona This persona likely doesn’t even know they HAVE a pain
  • 24. AWARENESS 2.0 OWNERSHIP This persona does not want to be ‘sold’ to as they don’t understand they need the product/service You have to let THEM discover their need Educational Seminars Webinars Whitepaper / Online publications Trade Shows and Events
  • 25. EDUCATION 2.0 Feed the Need Tap into Online Researchers 67% of buyers utilize peer reviews Leverage online publishers that cater to your industry Operate SEO, PPC and Social Marketing campaigns to increase content distribution Market in alternate verticals that lead into your product It sounds familiar but….
  • 26. EDUCATION 2.0 GIVE THE WHY This persona is going to want to know WHAT it does for them and WHY the need it Here you want to bring the PAIN into the SOLUTION Let them know how easier life can be with your product/service Content focus should be on life without the solution
  • 27. EDUCATION 2.0 OWNERSHIP This persona is going to want to find YOU. You have to let THEM find YOU SEO / PPC Marketing Email Campaigns Phone Campaigns Trade Shows and Events
  • 28. VALIDATION 2.0 Remove the Need This persona is looking for who to buy from Focus marketing on differentiators Pay attention to what customers like and listen to Highlight your features AS features along with their benefit Competitor comparisons Nothing sells like human interaction Leverage email, phone and social lead generation to schedule demos Video testimonials go a long way
  • 29. VALIDATION 2.0 GIVE THE WHY This persona is going to want to know why they should choose you Challenge your customer Customers want to be educated and shown a new approach to what they know Engage in conversation Pay attention to what pains sell your product and focus marketing on these 81% of Buyers buy directly due to a pain point being addressed Train your sales team on how to probe for customer needs Cater your product to fit each customers specific pains
  • 30. VALIDATION 2.0 OWNERSHIP This persona is going to want to be involved in the decision making process Understand that an average of 6.8 people are involved in a decision Understand what your clients needs to sell to their peers 76% prioritize vendors suggested by their peers- LinkedIn Publish Case Studies and provide customer quotes 41% of Buyers use case studies/testimonials when making decisions Implement a referral process Who gives the client the most control in their buying decision? Custom options/Industry specific features all help
  • 31. BUY 2.0 If only it ended here! This persona is always going to want to be reminded of value Launch new products and educate customers on their value Monitor product usage and create customer retention teams that ensure your customers are trained and USING your product 81% of Buyers buy (and stay) due to product features/functionality
  • 32. BUY 2.0 GIVE THE WHY This persona is going to want to know WHY they should keep you Enhance differentiators through newsletters and email campaigns Monitor client support issues to identify product/service enhancements Identify trends in attrition (competitors, lifespan, where value depreciated) Get ahead of the curve- address concerns before they become concerns
  • 33. BUY 2.0 OWNERSHIP Make sure your customers have ownership of their experience Ease of product use Ability to customize/cater Product enhancements that address customer needs Give them use case studies to demonstrate new product uses or service benefits
  • 34. B2B Purchasing Funnel Types of Personas I FOUND IT! What does it do for me? Who gives me the value? Why should I keep it?
  • 35. Larry Reeves CEO AA-ISP aa-isp.org info@aa-isp.org @AA_ISP Curtis Bendt VP of Customer Success MarketJoy marketjoy.com curtis@marketjoy.com @GetMarketJoy Q&A
  • 36. THANK YOU! A replay of today’s session will be available in our Knowledge Center at aa-isp.org